Silver, gold and platinum — all precious metals, for that matter — are experiencing sharp declines this morning.
A slide in crude oil prices combined with a strengthening U.S. dollar are sighted as reasons for bullion declines.
Spot gold has fallen 2 percent, and platinum by 3 percent. Prior to 11:00 a.m. (ET), New York spot silver was at $17.46 an ounce, gold dropped to $897.10 per ounce and platinum was down to $2,049 an ounce. Precious metal futures declined as well.
Tom Michael’s blog over at Numismatic News aptly described the situation,
"Forecasts are becoming more divergent, with some analysts predicting gold over $1000 an ounce during 2008 and others thinking commodities have peaked."
Feeling that "pulse" for the direction of gold is becoming increasingly difficult.